India-Canada War / One decision of Anand Mahindra on Canada and the company lost Rs 7200 crores, know why

Zoom News : Sep 21, 2023, 07:51 PM
India-Canada War : Anand Mahindra, one of the biggest businessmen of the country, has taken such a decision on Canada which has created a stir in the business world. In fact, Anand Mahindra has decided to close the business of one of its companies from Canada. Whose information has also been given to the stock market. According to the information given by Mahindra & Mahindra, it has been decided to close the operations of the subsidiary company Rayson Aerospace Corporation.

There is no need to tell how tense the relations between Canada and India have become in the present times. Not only Indian businessmen but also Canadian companies have made huge investments in India. After this decision of Anand Mahindra, Anand Mahindra's Mahindra & Mahindra has suffered a loss of more than Rs 7200 crore. Let us also tell you what is the whole matter and how Mahindra & Mahindra has suffered a loss of more than Rs 7200 crore.

What decision did Anandra Mahindra take?

While giving information on Thursday, Mahindra & Mahindra had said that its Canada based subsidiary company Rayson Aerospace Corporation has announced to close its operations. Mahindra & Mahindra had 11.18 percent stake in Reson Aerospace Corporation. The company had applied to stop voluntary operations. Giving information to the stock market, Mahindra & Mahindra said that Rayson has received the necessary documents from Corporation Canada for approval to shut down operations on September 20, 2023. The company said that after this Reson has closed its operations. It is no longer a subsidiary of the company from 20 September 2023.

Company's shares fell 3 percent

After Anand Mahindra's decision, there has been a big fall in the shares of Mahindra & Mahindra. According to the data, Mahindra & Mahindra shares closed at Rs 1583.80 on Bombay Stock Exchange with a decline of 3 percent. Whereas during the trading session, the company's shares fell by more than three and a half percent and reached the day's lower level at Rs 1575.75. A day ago the company's stock closed at Rs 1634.05. However, the company's shares have given a return of about 26 percent on Nifty this year. The company's return in one year has been more than 21 percent.

The company suffered a loss of more than Rs 7200 crore

Due to the fall in the company's shares, the market cap of the company has also suffered a big loss. Talking about the figures, the market cap of the company was more than Rs 2 lakh crore a day ago i.e. Rs 2,03,025.78 crore. During the trading session, when the company's shares reached the day's lowest level i.e. Rs 1575.75, the market cap of the company came to Rs 1,95,782.18 crore. This means that the company had suffered a loss of Rs 7,243.6 crore during the trading session. When the market closed, the market cap of the company was Rs 1,96,950.10 crore.